Campary r•gl8tratlon numb•r N1003964 YOUNG FARMERS. CLUBS OF ULSTER, THE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
YOUNG FARMERS. CLUBS OF ULSTER. THE LEGAL AND ADMINISTRATIVE INFORMATION Exacutlve Committee Mr PeterAlexander Mr Bob Esler Mrs Kristina Flemlng Mr Stuart Mllls Mr Rlchard Beattle Mr Matthew Llvlngstone Ms Shannen Vance Ms Laura Patt8Fson Miss Joyce Allen Mlgs Rachel Smlth Mr Tlmothy Keys Mr Phllip Donaldson Mr18n Walker Ms Elrlnn Braniff M5 Jll Balfour Ms Soph18 HavAhom8 Mr Mlkhell Park Mr Garelh Rltchle Ms Lauren Vance Ms Karen Walker Mr Matthow Wlson Miss Elbzabeth Adalr Mr laln Wlson Mr Dylan Walker Mr Dani81 Thornton Mr Glyn Surgenor Mi88 Emma Knox Ml8s Zara Fulton Mlss Natalle Burrows Mr Martyn Bl8Sr Mlss Helen Lalrd (Appolnted 20 Aprll 20241 (Appolnted 20 Aprfl 2024> IAppolnt6d 20 April 2Q24> (Appdnt8d 20 April 2024) (Appolnted 20 Aprll 2024) (Appointed 20 Apnl 2024} (Appointed 20 Aprll 2024) Chl•f Ex•Gutlvo Offlcor Derek Lough
YOUNG FARMERS. CLUBS OF ULSTER, THE LEGALAND ADMINISTRATIVE INFORMATION Secretary Cyphar Sevices Limlted Ch•rJty number 100972 Compony numbor N1003964 RegI61•r 0ffi¢o 50 Bedford Street Belfast BT2 7FW Audtor Harblneon Mulhclland 6th Floor E8St Tower Lanyon Plaza 8 Lanyon Placa Belfast Co. Antrlm 8T13LP Banker• Dan8ka Bank PO Box 183 Doneg811 Square West Belf08t BT16JS 8ollcllors Cleaver Fulton Rankln 50 Bedlord Street 88lfa8t BT2 7FW
YOUNG FARMERS. CLUBS OF ULSTER, THE CONTENTS Page Executlve Commltte8 report Statement of Exoujtlve Commltteè respon8lbllltig$ Indedent auditofs roport Statement of flnanclal activltles 10 Balanca 8h8et Statem8nt of cash ilows 13 Not08 to the Ilnandal st8ternnts 14-28
YOUNG FARMERS. CLUBS OF ULSTER, THE EXECUTIVE COMMirrEE REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The Exe(xJtNe Committee present their annual report and financial statements for the year end6d 31 August 2024, The flnancial stat8ments hava been prèpared In accordance with the accountlng policies sat out In note 1 to the financial Statements and comply wlth the Association's Articles of Associalion, the Companles Act 2006 and 'Accounting 8nd Reporting by Ch8rities'. Statem8nt of Recommended Pracb'ce applicable lo charities preparing IheK accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland {FRS 102)" {as amended for accounting periods commenclng from 1 January 2016) ObJ•ctlvts and a¢llvltl•8 The work of Ihe Assoclab'on's is guided by the mlssion statement: to encourage indlvidual development. ¢r8atlvlty, InIatIve 8nd conlributlon for the ben8111 of mernbgrs, the assoclatlon, and th8 mmUnIty., A8 the largo8t rural youth organisation in Northem Ireland, we Inspire our acllve membership to flourfsh Ihrough the development of lffe skills and educatlon. whllg s&rvSng the wider rural comrnuniiy a$ part ol a vlbrant, Incluslvg organisation, underplnned by strong goY&rnance. As a volunteer led organlsalion we nurture 8nd develop young people by encouraglng particlp8tlon In a seleclk)n of Innovalive and often unlque opportunStle8 in educatlon, Ir8inlng, personal development and fun. Our Valu•s Engaglng posltlvely wllh our members and communicallng the good work we do Encouraging growth, development and p8rt1clpatlon through all opportunitles H8vlng 8 PO8ltlve IMCt on our people. our communlty and our envlronrnenl Peoplo & Partnerships To have hlghly valued, enthus188tiG and cornmitted members and gtaff, vtho work together to make YFCU & 88ch other the best they can be, by communicatlng and engaging with local partner8, 50Gioral groups and hamng a posllive impact on our local rural communllies. Encourage & Equlp To dellver a portfolio of programmes. activltles and resources that encourage members to engag8 and grow, whilst equipping them with the tod5 and skills needed to develop. R•l•vant & Re•lll•nt To be relevant In our misslon as Northern Ireland's leading rural youth cryanisalion. uslng our positlon to encourage strong communltles and bulld reslllonl farmers for the future. Our Commltment Our Peopla To grow our membershlp as a youth shaped organisatlon wh8re everyone is valued, en¢¢uraged and equlpped lo grow to their full potentiai Our Comrnunity As a member-led organlsatlon, w8 seek to make a fundamental dSfference to young people Ilvlng In Nl, specifically rural and isolated areas. and their assoclated communilles. To provlde our servicas and prTrJramme5 through our dubs whith are geTrJraphirally Spread through rural Nl and in collaboratlon wlth local cornmunlty groups arKJ partner5. Our Environment As farmers of the futu, YFCU 8eeks to educatg their memb8rs to be able to make sustsinatle. efficient and profitable envlronmentally frlendly Ghoice$.
YOUNG FARMERS. CLUBS OF ULSTER, THE EXECUTIVE COMMITTEE REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Achievements and perfonTranc• The Associ8tion has 0 key perfomiance indicators, membership and participation. Membership Incr88sed refieclin9 a strong and engag8d community. Participation rates in the Association'8 programm8 of training 8nd compelltions once again increased. reaffirming the relevance and value of these lo the membershlp. Proficiency Award Scheme- Rewardlng Members When a member cornpetes in the central compelitlons they aro awarded a proficl8ncy. Profflclencles are awarded as follows.. An award of Merll (40%) Is worth 1 polnt An award of Dlstinction (75%) is worth 2 points The compelltion year runs from 1st Septomber- 31st AugusL Durlng 202>2024 8 total of 1.900 certSflcai8s were Issued lo recognise the members, p8rticipatlon In the YFCU aclivltles. In 2023-2024 Young Farmers, Clubs of Ulster IYFCUI Inlroduced Culllvatlng Young Leaders prograrnme, desSgned to empower and 8duc8le members aged beNveen 18 and 30 of which 16 youn9 people completed. Chlld Protocllon Trnlnlng Chlld pwotedion training continues to be a prfority for the A880ciation. Durlng 202312024 a total of 148 members took part in the Safeguarding training. As part of our child protectlon str8legy, the YFCU conllnues to ensure that staff, key elected offlcl81s and volunteer51 tralners are thked through Access NI. All members. p8rents and office bearers are provlded with acc866 to the Association's chlld protectlon pollcies and procedures. External Scheme YFCU continues lo be a centre for the Duke of Edinburgh Awards Scherne, thus givlng our mernbers the opportunity lo take part In this challenging and highly rewardSng youth development programme. Thi8 y88r, we had 10 members achleve their bronze awards, 13 members achieved Ihelr sllver award and 15 gold awArd redplants. Flnanclal r•vl As In pvIouS yèars the Assoclaiion's core fundlng is from grants, provided by Education Authorily (EA) and Department of Agriculture, Envlronment and Rural AffalryJ (DAERA). In 8ddllion to granls, monies are r315od from donations. sponsorship, membershlp and compelllion fees. Thls year there was an decrease income of E67,565 (2023- Incre8se of £121.557}. Overall th8 Accounts show a surplus before revaluation of properties of £121,980 12023: surplus £193,621). A Headquarters Surplus of £13.523 Is recorded (includes endowment surplusl. The prlnciples of 'best value, and '8dded vBlue' continue lo be applied to all expendiiure and activilies undertaken. 11 Is thg policy Df the A550clation that unrestricted fund5 whlth havo nol been designated for a specffic uso should be mainlalned at a level equivalent to bekn8n threfr and 8ix-monlh'$ expenditure. The Executiv8 Committe8 conslders that reserves at this level wlll ensure that, In the event of a 9Sgnificant drop In fundlng. they wlll be able to continue the Association's currenl actlvilies while nSIderatIon is given to ways in which additional funds may be raised. Thls level of reserves has been m8intained Ihroughout the year. The Executive Commlttee has considered the 18vei of reserves required and has agreed a poliGy wh8re the unrestricted funds nol ¢ommltted or Invested In tanglblg fixed assets held by the ¢harity should be beiween 12 month5 of unrestricted annual expenditure. The unreslrlcled funds nol committed or Invested In tangible fixed assels at 31 Augusl 2024 are £654,991 with Ihe unrestrirted annual expenditur8 rang8 belng £216,502 (9 months) to £288.670 (12 months), The reseNe$ held are CurntlY in excess of the agreed re8eNes policy.
YOUNG FARMERS. CLUBS OF ULSTER, THE EXECUTIVE COMMrrrEE REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Ex8CUtlve Committee has assessed the major risks to whiGh the Association Is exp068d. and are sati6fiwJ that 8yStems are In place to mltlgat8 exposure to the malor risks. The Executive Commlttees. assessm8nt oflh? major dsks has idenrIed that loss of govemment grants 1$ the major flnanual rfsk for th8 Gharlty. A kgy element In the management of financial risk indud88 aGtive discussion with the funders and regular revlew of funds and actlve management of trade d8btor5 and creditors balances io 8nsure surficSent worklng capltal. Attentlon has also bèen focused on non-financlal r18k8 arlsing from fire, health and Safety. chlld prolectlon. liligallon. et¢. These risks are managed by ensuring robust policies and procedures are in placo and regular awareness Iralning for m&mbers In th8s8 areas. StructUrn• govèrnance and managem•nt The Young Farmers Clubs of U181er (YFCU) Ss a charlt8ble comp8ny Ilmltad by guarantee. Incorporated on 1st November 1957 and reglstered as a ¢harlty on 6th February 1967 wlth the Inland R6venue. On the 23rd February 2015 YFCU regi81ered wlth the Charity Comrnlssion far Northem Ireland. The company w e8tabli6hed under a Mem¢Jrandum of Assoclallon which set up the oblecls and powers of the charitable company and Is govemed under Ils Articles of Assodalion whlch were rewsed at the AGM in 2017. In th• ev8nt of the company belng wound up, members aré requSred to contrfbul8 an amount not exce?dlng £1.
YOUNG FARMERS. CLUBS OF ULSTER, THE EXECUTIVE COMMirrEE REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 The difeclors of the company are also charity Iru5tees for the wrposes of charity law and under the Gompany's ArtiGles are known as members of the Executive Committee. Under th8 requlrem8nts of the Artlcles ofA$soclalion, the members of the Executive Commlttee are elected to serve for B period of one year after whl¢h they must be nominated and eleded at the rXtAnnUal General Meeting. The Executlva Committee compri888 of the: 1. Prasldent 2. Immedlate Past President 3. Deputy Presldenl 4. Mc&Presldent814> 5. Honorary Treasurer 6. Two representallve8 nominated by each County Committea 7. Chalrman ar)d Vice Chaiman of each Sub-Comm1tt88 appolnted by that Cornmitte6 8. One repre8entatlv8 of the Ulstér Farmers. Union 9. Two representativas of the persons co-opted to the County Commlttees 10. Chlef Executlve Offlcér of the A550clatlon (wlthoul vot6) 11. Two persons COvOPted by Ihe Executlve Commlttee 12. One COwOPted as a YFCU representstive on Rural Youlh Europe Board If approprlate. the Executive Committoe may also include the standing Board member reprasonting the Associallon on the 8oard of Rural Youth Europe. And if deslred, one Llfa Memb8r of th8 A880Giation {ex officiol. AS 8 young person's organlsatlon the focus of the Executive Committ88 13 on 8nsuring Ihat the developmental need of thi8 group 8re appropri8tely reflected throughout its merrtjership and 8dvSties. To emb8d this, members nominated for el&ction to the Executlve Commlttae by County Committeea must direclly represent the membership of #8nior clubs. The Charity Indemnifies every relev8nt Truste8 agalnst any liabllity Incurred In succassfully dèfendlng legal proceadlngs In that capacity, or In connectlon with any applicatlon in whlch rell8f is grantad by the Court from Ilability for negligence, default or breach of duty or breach of trust In relation to tha Charity. The companvs current pollcy conc8rnlng the payment of trade credltors Is to: settle the terms of paent wllh suppllers when agreéing ihe terms of each transacuon: ensure that suppller8 are made aware of the terms of payment by inclusion of the relevant terms in eontra¢ts,' and pay in accordanco with the company's contractual and other legal obligations. Trade credltors of th8 company at the year end wer8 equlvalent to 14 davs purchases, based on the average dally amount Involced by suppliers durfng the year.
YOUNG FARMERS. CLUBS OF ULSTER, THE EXECUTIVE COMMrrTEE REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The governing boty of the Assodation 15 the Council whlch meets annualty at its AGM in April. The Councll appoints an Exacutive Committee of up to 29 members with the powar to manage and admlnister the business of the Association. The Executive Committee meets a minimum of SIX times par year. At Its first meetlng Ihe Execubve Commlttee annually elects a Special Purposes Committee (SPC) that reporls to it on delegated Issues such as finance, personnel and slrategy.lhat reports to thè Executive Committee on aspects of the Associallon's activities. There are four. Cèntral ComrnSttees'. Pragrammes and Development IP&D), Agrltjjlture, Environment and Rural Affalrs (AERA), Travel and Wellbeing and DevelopmenL The Chlef Executsve Offlcer (CEO) Is appointed by the Ex8cullve Commlttee to manage the day-to4lay operatlons of the Associallon and $upeTvislon of the stsff team. Members elected to the Asso¢iatlon'8 Executlve attend the Executive Board tralnlng weekend each year lo famlllarise Ihemsolves with aSrns of th8 A&8ocialion and their role, thelr responsibilities and theSr dutS8s as dlrectors. These events arg IntlY led by the Chalr of the Executive Commltteg and the CEO. Over the 188t few years these residential events have covared areas such 38 governance, dlrector8' duties, policies. communicalSon. finance. departmental priorilles. strategic plannlng and have Involved Internal and 8Xt8rnal speakers. The cont8nt Is revSew8d annually inline wllh strategic need and sklll Set shortages. All 8a18ries and terms of condltlons are consldered by the Speclal Purposes Committee annually and ratlfled by the Executive. The Executlve Commlttee receives supwt from the Education Authorlty {EAI and the Department 0fAgrlcultu. Environment and Rural Affalrs (DAERAI who fund the work of the AssoGiation In providing tralnlng and 8oclal educ81ion opportunitiés for young people In our njral communities. Members and stsff sit on organising committees and working parties of a number of Group8 including the EA Regional Advlsory Group. the Rural Development Programme Monitoring Committee, The open Farm Weekend Working Party, The Farm Safety Pathership, the Regional Volunlary Youth Organlsations, Reference Group IRVYO Nets¥orkl and Commlttees overseeing Ihe work of Grassroots Challenge and Peac8 IV programm88. Audltor In accordan wlth the compan5 artlcles, a resdutlon proposlng that Harbln80n Mulholland be reappointed as audltor of the company wlll be put at a Genefal Meeting. Dlsclosure of Informallon to audltor Each of tt)e Executive Committ8e has confirmed that there is no Information of whlch they are aware whlch18 relevanl tu the audit. but of which Ihg 8uditar is un8ware. They have further confirmed that they have taken appropriate 8tep8 to Sdentlfy such rn18vant informBtion and to 8Stablish that the auditor 18 awaro of such informatton. The Executive Comrnittee report was approved by the Board of Executfve Commlttee. Mrs Krlstlna F Chair, Ex ming Mr Robert E51er Honorary Tre Dated: XO lttee V'o&°:%95
YOUNG FARMERS. CLUBS OF ULSTER, THE STATEMENT OF EXECUTIVE COMMITfEE RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Execulive Committee, who ar8 algo the directors of Young Farmers. Clubs of Ulster. The for the purpose of company law, are responsible for preparing the Executive Committee Report and the fin8ndal statements in 8ccordancA with applicable law and United Kingdom Accounting Standards (United lQngdom Generally Accepted Accounting Practice). Company law requlres the Execullve Committee to prepare finandal ststements for each finandgl year whlch glve a Irue and falr eW of Ihe state of affalrs of the Assoclation and of the incomlng resources and applicatlon of resources, including the Income and expendlture, of th8 charitable company for that year. In preparing these financlal Statements. the Executive Commlttee ara requlred to-. - select 8Uitable accountlng policies and then apply them consistsntly., - observe the methtyJ6 and Princlples In the Charili8s SORP: - make judgements and ests'mates that are reasonable and Pfudenl,. stale whelher appllcable UK Accountlng Standards have been followed, subject to any material departures d18closed and explaln8d Sn the tlnanclal sta18m6nls,' and prepare the finanaal ststements on the golrvJ concèm bas18 unless It 18 inapproprlate to pre$umo that the Assoclation wlll Continue In operatlon. The EKeCUtlve Commlttee are responslb18 for keeplng èdèquale accThJntlng record5 that dl8closo wlth reasonable 8ccuraGy at any ttme the financlal posSllon of the As80cialion and en8ble Ihem lo ensure that the finan¢lal stst8m8nt8 comply wllh the Companies Aci 2006. They are 8180 Te8pon$ible for 38fegugrdlng the assets of the Associatlon and hence for taklng reasonable steps for the prevontion and delectlon of fraud and olher Irregu18ri11e8.
YOUNG FARMERS. CLUBS OF ULSTER, THE INDEPENDENT AUDITOR'S REPORT TO THE EXECUTIVE COMMITTEE OF YOUNG FARMERS. CLUBS OF ULSTER, THE Opinion We hav8 audlled the flnancial 8tatemenls of Young Farrners. Clubs of Ulstsr. The (the 'Association'l for the year ended 31 August 2024 which comprise the statement cffinancial activlles, the balance sheet, the statement of e2sh flows and notes to th& financial statemenls, including significant accounting policies. The financial reporting framework that has been applied In Ih8ir pparation 15 applicable law and United Kingdom Accountlng Standards. Includlng Flnancial Reporting Standard 102 The Financial Reportlng Standard applicable in lh& UK and Republic of Ireland (Unlled Kingdom Gener8lly Accepted Accounting Pracllc8)- In our opinion. the financial statements.. glve a true and fair view of the slate of the charltabla company's affairs as at 31 August 2024 and of its Incoming resources and appllcation of resources, for the year then ended., have been properfy PPared in accordance wlth Unltad Kingdom G&ner8lly Accepled Accountlng Practlcg. and have been prepared In accordance wlth th8 requlramants of the Companies Act 2006. 8a$ls for oplnlon We conducted our 8udlt In accordanc8 wllh Intemational Standards on Audlting (UK) {ISAs (UK)) and appllcablo law. Our responsibllltles under those Standards are fvrther described In the Audilors retsponsibllth'es for fhfr audit of the Ilnancial statements section of our report. We are independent ol the A650dation in accordance wllh the ethic81 r8quirements that are relevant lo our audlt of the flnanclal statements in Ihe UK. Includlng the FRC'S Ethical Standard, and we have fulfilled our olher ethical responslbililles In accordanc8 wllh these requirements. Wa belleve that the audit avidonce we have obtained is suffiGient and appropriate io provide a basis for our opinion. Conclusions relating to golng concern In 8udib.ng the financial 8talemenls, we have concludad that the Executive Committee use of the golng concem basis of accounting In the preparation of the financial statements is appropriats. Based on the work we have perfomad, we have not id8nllff8d any material uncertalntles relatlng to events or condltlons that, Individually or collectively, may cast significanl doubt on Ihe A8sociallon'8 abllily to conllnue as a golng concern for 8 perfcrfl of at leasl Iwelve months from when tha flnancial statements are authorl88d for Issue. Our respon8lbilillas and the resp)n$lblllUes of th8 Execullve Commlttee with respect to golng con¢em are doscrlbed In the felevanl 8ertlons of thls report. othor inforniatlon The other information comprlses the ir¢formalion included In the annu81 report othor than the financlal slaiemenls and our audilorfs report thereon. The Executlve Commillee are responsibl¢ for th6 other information contained wSlhin the annual report. Our opinion on the finand81 slalernents does not cover the other Snfomiallon and wè do not express any fom of assurance condUs1 Ihereon. Our sponsIbl111Y is to read ihe other infofmatlon and. In dolng so, consider whether the other inf0mtion is materially inconsistent with the flnancial statement6 or our knowledge obtained in the course of the audit, or othemlse appears to be materially mlsst81ed. If we Identify such malerfal inconsistencles or apparent material misstatements, we are requ6 to detemilne whether this gives rise to material misslalement in the financial statements themselves, If. based on the work we have perfomied, we conclude that there Is a material misstalernent of this other Information, we are required to report Ihat facL We have nothing to report in this regard.
YOUNG FARMERS. CLUBS OF ULSTER, THE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE EXECUTIVE COMMirrEE OF YOUNG FARMERS. CLUBS OF ULSTER, THE Matters on whl¢h we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charlties Accounts and Reports Regulatlons (Northem Ireland) 2015 requires us to report to you if, in our opinion.. the information given in the financial slat8ments is incon5iStent In any material respect wlth the Executive Commtitee report,. or suffici8nt accounting records have not been k8Pt' or the flnandal st8tements are not in agreement with th8 8ccountlng records; or we hav8 not recelved all the infomallon and explanallons we require for our audit. Responslbllltios of Executlve Comrnitto As explained more fully in the statement of Executlv6 Committe8 r6sponslbilitios, the Exewlivg Commltte8. who are also the dlrectors of the Associatlon lor the purpo$8 of company law, are responsible for the preparation of the flnancial statements and for being satisfied that Ihey give a true and falr view. and for suth Internal control as the Executrve Commlttee delermlne Is necessary to enable the preparatlon of financlal slaternents that are free from materfal mlsstalement, whether due to fraud or error. In preparing the financial statem8nts, the Executlvo Cornmltlee are responsible for assesslng the Agsociation's ablllty to contlnue a$ a going concern. dlscloslng. as applicable. matters re181ed lo going concem and using the going concem basis of accounting unless the Executive Committee either intand to Ilquidale the ¢h8ritable company or lo cease operations, or have no rea118tlc alternative butto do so. Audltorfs responslbllltlos for th• audit of the financlal slaternenls We have been appolntad as audStor under section 65121 of the Chorllles Act (Northern Ireland) 2008 gnd report In accordance with the Act and rel8v8nl regulations made or having effect Ihereundar. Our oblecllv88 are lo obtain reason8ble a&8uranc8 about whether the finanGlal statements as a whol8 are free from malerlal mlsstatemenl, whether due to fraud or error, and to Is$u8 an audltorfs report that Includes our oplnlon. Reasonable 888uranc8 is a hlgh level of assurance bul 18 not 8 guarantee that 8n audll conducted In accordance wlth ISAS IUK) wlS1 always delecl a material misslatement when it exlsis. Misstalements can artse from fraud or error and are considered material It, Individually or in the aggregate, they could reasonably be expected to Intluence the economlc declsion8 of us8r6 takon on the basis of these finan¢l81 statement8. Irregularltles. Indudlng fraud, are Instances of non-compllanca wlth laws and gulatiOnS. We design procedures In Ilne wlth OUT responslbllltles, outllned 8bove, lo detect materlal mlsstst8ments in respect of irregularities, Sncluding fraud. The exlenl to whlch our procedures are capable of detecting IrregUlalIeS. including fraud, is detailed below. Our approach to identifylng and ass858ing Ihg rlsks of ma16rlal ml8Statgment In iespect of Irregularlties, Includlng fraud and non-compllance with laws and regulation5. Was as follows.. the engagernent partner ensured that the engagamenl team collectively had the appropriate competence, capabilities and skills to identify or re¢ognise non-compliance with applicable laws and gulatIOnS,. we Identified the laws and regulations appllcable to the company through discussions with dlrectors andlor senior management, and from our commerdal knowledge and experlence of the sector. we focused on specific law5 Bnd regulations whlch we consldered m8y have a direct material effect on the rinandal statements or the operations of the company, Including Companies Act 2006, taxation legi81ation. dats protection, anli-bribery. employment. envlronmental and health and safety legislation we assessed the extent of compliance wlth the laws and regulation5 klentifigd above through making enqulrles of management and Inspecllng legal correspondence., and identified laws and regulations were communicated wllhin the audit team regularty and the team remaln8d lert to inslancps of nonomPlIance throughout the audit.
YOUNG FARMERS. CLUBS OF ULSTER, THE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE EXECUTIVE cOMMIEE OF YOUNG FARMERS. CLUBS OF ULSTER, THE We 8ssess8d the Susceptibilty of the compan9 financial statements to malerial misstatement. including obtalning an understanding of how fraud might occur, by: making enquiries of management as to where they Gonsidered thera was susceptibility to fraud. thelr knowledge of actual. suspected and alleged fr8ud: and considering the Intemal Gontrc4s In place to mitlgate risks of fraud and noTrcompliance wlth laws and r8gulatlon8. To addr8SS the risk of fraud through m8nagement blas and override of contro15, we.. perfomied analytlcal procedures to Identlfy any unusual or unexp8Cted relatlon8hips: tested Joum81 entrles to Identify unusual Iransactlons; 895essed wh8ther judg8menls and assUrnPtion8 rnada In dètermlnlTrJ Ihe accountlng 8Stlmates set out in Note 2 wero irbdicative of potential bl8s', and investlg8t8d the rab"onale behlnd signlficant or unusual transactions. In response to the rlsk ol Irregularltlas and rnrpcompllance wlth laws and regulattons, we deslgn8d procedures whlch included, bul were not Ilmlt8d to- agreelng financlal statement disc105ur85 lo underfylng supporting documenl81ion,' reading the minutes of meetings of Ihose charged with govemance", enquiring of management as to actual and potentlal litigation and clalms. There ar8 Inherent Ilmtstlons In our 8udlt procedures descrlbed above. The more removed that laws and regulations 8re from fin8nci81 transactions. the less Ilkely it 1$ that we would become aware of non-compliarsce. Auditing standards also limit the audit pro¢edures rgqulred lo id8nllfy non-compll8nce wlth laws and regulallons to enquiry of the directors and other man898menl and tha in$pe¢lion of regulatory and legal correspondence. If 8ny. Mat8rial missla18ments that arise due lo fraud can be harder to deted Ihan those that arise from error as they may Involv8 deliberate concealment or colluslon. A fvrther descrlptlon of our responslbllltles Is av811abl8 on th8 Flnanclal Reportlng Council's website at.. http8:11 vMw.frc.org.ukJauditor8re8ponsibllitles. Thls descrfptlon foms part of our audtor's report. Angela Cralgan {S•nlor Statutory Audltor) for on behalf ol Harbinson Mulholland Charterod Accountant Stalutory Audltor 6th Fltr)r East Tower Lanyon Plaza 8 Lanyon Place Belfast Co. Antrfm BT13LP Harbinson Mulholland is eligible for appointrn8nt as auditor of Ihe Assoclation by virtue of ilg eligiblllty for appointmanl as auditor of a company under section 1212 ofthe Companies Act 2006,
YOUNG FARMERS. CLUBS OF ULSTER, THE STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrnstrlcted Restricted Endowrnent funds funds fund5 2024 2024 2024 Total Total 2024 2023 Notes mea endow Donations and legacles Charitable activ*tie6 Investments Other Inc¢Jme 105,341 38,795 27,763 6,542 433,878 967,021 30,820 48,531 539,219 995,816 58,583 55,073 621,806 1.041,776 14,491 38.183 Total Incomo 178,441 1.470,250 1,848.691 1.716.256 Charitsble actSvit188 288,670 1,278,338 1,567,008 1,514,683 Net galn61{Ios8esl on Investments 12 1,355 31.677 7,265 40,297 (7,952) Net (outgolnByln¢orning rgsourG•• bofore tran8forn (108,874) 223,589 7,285 121,980 193,821 Gross transfers between funds 308,646 {172,449) 1136,1971 Net Incomlngl(outgolngl rosourceg 199.772 51,140 (128,932) 121,980 193.821 Other recognl••d galn• and 10g••s Rgvaluallon ol tangible flx8d asselg (1,549,091) 11,549,091 > Ngt movomanl In fundi 199,772 (1.497.951) 1128,932} (1,427,111) 193.621 Fund balance8 at 1 Septomber 2023 455,219 4,810,402 319,537 8.585,168 5,391.538 Fund balance• at 31 Auqu•l 2024 654.991 3.312.451 190.e05 4,158,047 5,585,159 The statement of financlal acllv1ti8s includes all gains and losses racognised In the year. The statemenl of financAal activlties Includes all gains and losses recogntsed in the year. All incomè and expondlture derfva from contlnulng actIvie9. The notes on pages 14 to 28 fomi part ofthese financial Statements. 10-
YOUNG FARMERS. CLUBS OF ULSTER, THE BALANCE SHEEr ASAT31 AUGUST2024 2024 2023 Notes Flxed 8•g0ts Tangible assets Investments 14 15 1,215,677 742.741 2.818.216 838.644 1,958.418 3.656,880 Curr•nt ass Stocks Debtors Cash at bank and In harKJ 16 17 1.482 96,668 2,178.253 3.897 63.664 1,99),857 2,276.403 2,058,418 Credltor#: •nounts falllng du• wlthln one year 176,7741 (130,119) Net current assets 2,199.629 1,928.299 Total a••ots lus current li•bllltlos 4.158,047 5,585,159 Caplt•l fuThd• Endowment rundB- general Incoma funds General reslrlcted funds Revaluation reserve 21 190.605 319,537 3,312.451 4,023.706 786.697 22 3,312,451 e54.991 4,810.403 455.219 Unrestrlcted fund8 4,158.047 5.585.159 11
YOUNG FARMERS. CLUBS OF ULSTER, THE BALANCE SHEEf (CONTINUED) ASAT31AUGUST2024 The Gompany is entitled to the exemption from the oudlt requirement contalned in sectlon 477 of the Companies Act 2006, for thè year ended 31 August 2024, although an audit has been carried out under section 65 of the Charities Act (Nll 2008. The membprs have not rgqulred Ihe company to obtain an audit of It5 financial statements under the requirements of the Compani88 AGI 2006, for Ihe year In question in aw)rdance wlth 8eGlion 476. The ExecutSve Committee acknowledge thelr re8p(sibIlItieS for ensuring that the charity keeps accounllng records whlch comF4y with section 388 of the Act and for preparing financial slatemenls which give a true and fair view of the state of affaits af the company as at tho end of the financial year and of its incoming resources and applicatlon of resources. indudlng Its Income and exp8ndliure, for the flnancSal year In acoordan¢e with the requirements of seGtlons 394 and 395 and which otherwise compty wSth the requlremenls of the Comp8nies Act 2006 relating io finandal statements. so far as appllcabla to the o)mpany. These financial statements have been prepared In accordancé wlth the provlsions applScable to companies subject to the small companles reglme. 25 Iz12f Thè fln8nclal 8tateman18 w8ro approved by th8 Executlve Commlttee on .. Mrs Kri6tina Fle Trusta• Ing Company Reglstrntlon No. N1003964 12-
YOUNG FARMERS. CLUBS OF ULSTER, THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 20ZJ Notes Cash flows from operatlng activltles Cash (absorbed byyg9ner8ted from op8rallons 28 (3,518} 219,408 Invosllng acllvlllos Puhase of tanglble flxed assets PrOCeS from dlspwl of Investments Inve8trnent income received 13,887) 136,198 58,583 (5.322) 14,491 Net cash g•nernt•d from Invwdtlng actlvltloB 190.914 9,169 Not cash g•n•rat•d from flnanclng actlvitl•• Not Incl•a In ¢••h and cash •qulvahnts 187,396 228.577 Cash and cash equSvalonts at beglnning ol year 1,990.857 1.762,280 Cash and GT8h equfvalonts at ond of y•qr 2,178,253 1,990,857 13-
YOUNG FARMERS. CLUBS OF ULSTER, THE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounllng polkl88 Charity informatlon Young Farmers, Clubs of Ulster is a private Company limited by guarant8e Incorporated in Northem Ireland. The registered offiG8 is 50 Bedford Street. Belfast, BT2 7FW 1.1 Accountlng ¢onv•ntlon The financial slalements have been prepared in accordanca with the As8oBiatlon'$ governing document, the Companies Act 2006, FRS 102 "The Finan¢i81 R8POrting Standard appllcable in th8 UK and Republic of Ireland. 8nd the Charities SORP "Accounting and Reporting by Charilies.- Statement of Recommended Practice applicable to charllles preparing IheSr accounts In ac¢ordanc8 wllh the Flnancial Raporting Standard applicable in tha UK and Republlc of Iraland {FRS 102)" The Assoclatlon18 a Public Ben8fil Enfjty as d8flned by FRS 102. The financlal statements are prepared In stedlng, which Is the fvnctlonal ujrrency of the Association. Monelary amounts in Ih8se flnanclal statements are rounded to the neargst £. The financial slalemenl8 have been prépared under the hlslorlc81 cost conventlon. [modffied lo Include the revaluatlon ol freehold propert5es and to Indude Investment propertles and certain fin8n¢i81 Instrumen18 at falr valueJ- The prlnclpal accounllng policles adopted are set out below. 1.2 Going conGgrn At the time of approvlng the financlal s18lements, the Execullve Commlttee have a reasonable expectation that the Association has adeqLFale resources lo contlnue in op&ralional existence ftjr the foreseeable future. Thus the Exe¢uliv6 Committoe conlinu8 to adopt th8 golng tsjncern ba8ls of accountlng in proparing the financlal statements. 1.3 Charitable funds Unr881ricted funds are available for use at the dlscr8tion of the Executive Committ88 in furthorance of th8ir haritable objectives. Restricted funds are 8vbject lo specific conditlons by donors or granlorn as to how they may be u8ed. The purposes and uses of the restrlcted funds are set out In the notes to the financial statements. Endowment fund5 are subject to speclltc condltlons by doncfs that the capltal must be malntalned by the Assoc18110n. 1.4 Incoming resources Income is Tecognised when the Asso8110 13 legally entilled lo It after any performance conditions have been met. the amounts can be measured reliably. and it Is probable that income will be rec61ved. Cash donations are recognised on receW)l. Other donatlons are reGognlsed once the Association has been notified of the don81ion, unless perfomanc8 conditions requlre deferral of the amount. Income tax recoverable in relallon to donatlons received under Gift Aid or deads of Govenant 18 recognised at the Ilme of the donation. Legacles ar8 recognlsed on recelpt or otherw188 If the AssoGiatlon h88 been notified of an Imp&ndlng dlstribution. the amount is known, and receipt is expected. If the amount is not known. th8 legacy is traated as a contingent asseL 14-
YOUNG FARMERS. CLUBS OF ULSTER, THE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollGIoS {Continued) 1.5 Tanglble flxed assets Tangible flxed assets are Inltlally me88ured at Cost and sub8equenlly me85ur8d at COSt or valu8tion, net of deprectation and any impaimienl losses. Depreclatlon is recognlsed so as to wrtte off the eost or valu8Uon of assets less thelr re81dual values over thelr Useful lives on the followlng bases: Fr88hold land and bullding8 Leasehold Improv8m6nts Fixtures and fittingg Over 50 years 2% 8traight Iln8 12.5%- 33.3% stralght line rhe galn or loss srising on the disposal of an asset is d81amned as th6 dlfference b8tsveen the sale proceeds the carrwng valu8 of th8 899el, and is rècognised in th& st8tem8nt of finandal aGlivitS88. 1.6 Flx•d a¥8•t invostm•nts Flxed asset inveslmgnts are Inllially measur8d at tran63Ction prtce excludlng transa¢Uon c08ts, and are Subsequently me8sured at falr value al earh reporting date. Chang86 in falr value are recogni5ed In net Inwmellexpendllure) for the year. Transactlon costs ara expènsod as Incurred. 1.7 Impairn1oni of fixed a81•ts At each reportlng end d8te, the Associatlon reviews the carying amounts of its tanglble assets to delemine wheth8r Ihere is any Indicatlon that Ihose assets have suffered an impalrmenl loss. If any such indicallon exists, tho recoverable amounl of the asset is estimated in order to determine the extent of the impaimient loss (if any). 1J 8lo¢k8 Stock8 are stated at th9 lower of cost and esfjmal8d 8elllng prl¢e 1888 costs to complete and sell. C08t comprlges dSrect malerlals and, where applicable, direct labour costs and Ihose overheads that have been incurred in bringlng the stock8 ta their present location and condition. Items held for dlslribution at no or nomlnal conslderation afo measured th¢ lower of replacement cost and cost. Net reallsable v8lu8 ts th8 8sllrnated selling prfce lass 811 e8tim8ted costs of complation and costs to be inojrred in marketing, 3elllng and dislribulion. 1S Cash and cash oqulvalents Cash and cash equival8nls indude sh In hand, deposlts held at call with banks, other Short-temi 1Squid investments with original malurltles of thr88 months or less, and bank overdrafts. Bank overdrafts are shown wlthin bomwlngs in current liabilities. 1.10 Financlal Instruments The Association has elected to appty the provlslons of Section 11 'Basic Financial Instruments. and Section 12 '0ther Flnancial Instruments Issues, of FRS 102 to all of its flnancial instruments. Flnandal instrurnents 8re recognised in the Assoclatlon's balanc* sheet when the Associauon becomes paty to the contraciual provislons of the instrufflenl. Flnancial assets and liabilities are offset, with the net amounts presented in the financsal slatem8nts. when there is a legally enforceable right to set off the recognised amounls and there is an intenllon to settle on a net basls or to realise the asset and Settle the liablllty slmultaneousty- 15-
YOUNG FARMERS. CLUBS OF ULSTER, THE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollci•s {Contlnued) Baslc financlal assets Basic financial assets, whl¢h include debtors and cash and bank balances. are inltlally measured at transaction price including transaction wsls and are subsequently carried at amortlsed c05t using thg effedlve interest method unless the arrangemonl conslitules a financin9 transaction. where the Iransaclion is measured at th& pr85enl value of th6 future recelpts dlscounled at a market rale of Snlerest. Financial assets classifiod as receivable within one year are not amortiséd. 8aw"c Ilnanclal Ilabilities Basic financial liablllties, including creditors and bank loans are inltially recognlsed al transaction price unless the arrangement constitutes a financlng transaction, where the debt instrument Is measured al the present value of the future payments discounted at a market rate of Intsre8t. Flnanclal liabilltSes da6sified a8 payab18 wlthin one year are not amortlsed. Debt in8lNments are subsequently carrled at amortised eost. uslng the effectlve inlere$l ral6 molhod. Trade credltor8 are obllgations to pay for goods or SeiCe$ that hav8 been acqulred In the ordinary cours8 of operations from suppliers. Amounts pay8ble are classified as current liabllilleE If payment is due withln one year or less. If not, they are presented 8s non-curr8nt liabllities. Trade creditots are recognised Inltlally al transaction prlca and Subsequently measured el 8mortised cost using the offeclive Interest m8thod. Oerncognlllon of IlnanGlal Ilablll¢les Flnancial Ilabilities are derecogni8ed when the A580ciation'5 contractual obllgations expire or are discharged or cancelled. 1.11 Employee b•nefil• The cosl of any unused holiday entIOrnent Is recagni8ed in the pgrfod Sn which Ihe employ88's service8 ar8 recelved. Tomilnation benelits are recognis6d immedial8ly as an exwn88 when the A880clatlon is demon8tr8bly commltted lo temiinats tha omployment of an employee or to wovide temlnation benetlts. 1.12 Rellrement benefits Payments lo defined contributlon retlrement benefft schemes aro charged as an expon8a a$ thèy fall due. Crltlcal accounllng •$tlmates and Judg•ments In the appllcaUon of the Assoclalion's accountlng pollcles, the Executlve Commlttee are requirBd to make ludgements, eslimales and as5umpllons about the carrying amount of assets and liabllllles that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien¢8 and other factors that are considered to be relevant. Actual results may differ from these esllmaies. The esllmales and underfylng assumptions are revlewed on an ongoing basls. Revisions to accounllng eslimales are recognised In the pariod in which the estimale is fevised where the revision affects only that period, or In the perfod of the revision and future periods where th8 revlsion affects both current and future periods. Key *ourc•8 of estlmatlon uncértalnty The annual depreciation charge depends PmarIlY on the estimated lives of eath type of asset and, in certaln clrcumslances, estlmates of residual values. Management regularly review these useful lives and thange th•m if ngc•EEary lo roflgGt currgnt GondltlonG, ChangoG In Ihg U$9ful Iivgs can hav• a significant impart on Ihe depreciatSon charge for the flnancial ygar. The net book value of Tanglble Flxed Assets subject to depreciation at th9 financial year end date was £1,215,677 (2023: £2,818,2181- 16-
YOUNG FARMERS. CLUBS OF ULSTER, THE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Income from donatlons and logaci•s Unrestricted Reslrlcted funds funds 2024 2024 Total Unrestrlcted Restrlcted funds fund8 2023 2023 Total 2024 2023 Donatlons and gifts Gr8nts Membershlp fee$ 105,341 151,639 308.202 79.378 96,515 31.784 436,588 56.919 128,299 436.588 56.919 808.202 79,378 105,341 433.878 539,219 96,515 525,291 621,806 Donallons and glfts Ulster Farmers, Union NFU Mutual Insurance Soclety Danske Bank Dunbi8 Power Nl Fance Valley Store Rela Llla Howard Foundatlon Thoma8 Henry Foundation oth8r 11,000 11,000 8.250 8.250 30,000 7,500 8,000 5.000 7,000 30,000 7.500 8,000 5,000 7,000 30,000 8.000 2.790 2.790 5,000 9.667 9.667 16,000 15,841 16,000 62,139 46.298 24.724 31.784 56.508 105,341 46,298 151,639 96,515 31.784 128,299 Grants Department of AgriGulluro, Envlronment and Rural Affalfs Educatlon Authorlty other 58,125 146,250 103,827 58,125 146,250 103,827 131,042 150,0(M) 155,546 131.042 150,000 155.546 308,202 308.202 436.588 17-
YOUNG FARMERS. CLUBS OF ULSTER, THE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Charltablg actlvlll 2024 2023 Competltlon and 0th8r actlvllles 895,818 1,041,776 Analysis by fund Unrestrlct8d fund8 R8Btrlcted fijnds 38.795 957.021 68,566 973,210 995.818 1,041,776 Invo•tm•nts Unr•8trl¢tèd R•strlctsd fund• fund• Total Total 2024 2024 2024 2023 Income recelved from UK IiBted Inve8tmonts Interest r8ceSvabl8 12,288 15,495 12.268 46.315 4,629 9.862 27,763 30,820 14,491 Oth•r Income Unrestrletad Regtrlctad funds funds Total Total 2024 2024 2023 Other income 6,542 48,531 55,073 38.183 18-
YOUNG FARMERS. CLUBS OF ULSTER. THE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Charilablo aGtlvitte8 Charitabla activities Educatlon Authorlty DAERA Total 2024 Total 2023 Staff cos16 Competition costs Travel & subslst&nce Poslaga. statlonary & publlclty Legal & professional fees Clubs 98.225 138,934 9,861 73,592 48,544 218,361 278,497 138,934 129,1 17,744 20,187 2.412 15.312 11.279 763,580 688.370 1,420 1.206 1.206 15,312 763.580 1.025.912 81,261 49.170 1,156,343 1,128,471 Share of support CO818 Sh8re of govemance costs 248.377 8,280 90,707 63,301 402.385 377.932 8.280 8,280 1,282.569 171.968 112,471 1.567,008 1.514.683 An•ly•i$ by fund Unr8Stricted funds Restricted funds 288,670 993,899 288.870 259,922 112,471 1,278.338 1,254,761 171,968 1,282.569 171,968 112,471 1.567.008 1,514.683 Support Costs Support Govemanco ¢ostS 2024 2023 stoff costs Depredatlon Premlses costs Office costs Bank charges other costs Clubs Audit fees 79,368 57,316 8.900 53,135 1.270 21,032 181,365 79,388 57,316 8.900 53,135 1,270 21.032 181.385 8,280 83,446 58,838 8,900 52.780 2,103 17,436 154.209 8,280 8,280 402.386 8.280 410,666 385,992 Net movement In funds 2024 2023 The net movernent in fiJnd5 is Stated after chargingl(creditlng)'. Fees payable for the audlt of the charity's financlal statements Dopredatlon of ownèd tangiblo flxèd a$$ets 8.280 bl,J1b 8.280 19-
YOUNG FARMERS. CLUBS OF ULSTER, THE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EAIDED 31 AUGUST 2024 10 Ex•cutlve Commltte• During the year two members of the execudve committee received a comblned horK)rarfum payment of £995 (2023: £995). 11 Employee• The average monthty number of employees durfng the yearwas: 10 2024 Number 2023 Numbor 10 11 Employmont co•t• 2024 2023 Wage8 and salaries Social secudty costs Other pension c08ts 280,W26 17,134 19,869 318.602 16.535 26.806 297,729 361.943 There were no employees whose annual remuneratlon was more than £80.IK)O.
YOUNG FARMERS. CLUBS OF ULSTER, THE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 13 TatIon The charity is exempt from tax on income and gains falling wlthin seclon 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Galns Act 1992 to the exlent that these are applled to its charitable objects. 14 Tanolble fixed assots Fre•hold land L•aMIld Fl%lur•• •nd and IlIdIa$ lrnprovem•nts tmlln Tot•1 Cost At 1 S8Ptember 2023 Addltlon8 Revaluatlon 2,877,333 120.636 223,895 3.867 3,221,864 3,867 (1,715,491) (1,715,491) At 31 August 2024 1,161,842 120,636 227.762 1,510.240 Dopreclatlon and Impalmiont At 1 September 2023 Dapreclatlon charged In the year R8valu8tion 166,401 46,260 {166,401) 24,071 2,476 213,176 403.648 57.316 (16e,401) At 31 Augusl 2024 46,260 26,547 221,756 294,583 CJrylng amount At 31 August 2024 1.115,582 94,089 6,006 1,215,877 At 31 August 2023 2,710.932 96,565 10,719 2,818,216 Dudng the year the club halls were independently valued by a thlrd party. They were valued on a market valua basis as Op50d to th8 dèpréciated replacemanl cost previously used. This resulted In 8 significant decreaso in the value which has been aprAiad durlng th8 yoar. 15 Flx¢d aM•t Invegtrn•nts Llstod Unlisted Invèslmont• Investments Total Cost or valuatioft At 1 Septemb8r 2023 Valuation changes Disposals 568.593 8.619 (136.198) 270,051 31.676 838,644 40.295 (136.198) At 31 August 2024 441.014 301,727 742,741 Carrying amount At 31 August 2024 301,727 742,741 AI 31 Auqust 2028 270,051 838,644
YOUNG FARMERS. CLUBS OF ULSTER, THE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 15 Flxed amet Invgstmonts {Contlnuod) Flxod asset investments rovaluod Invesbments are IrKluded at revalued amounts ba58d on valua0$ c8rrled out on the IrKlividual Investments. 16 Stock8 2024 2023 Fln18hed good8 and gwJ8 for resale 1,482 3,897 17 Dobtor• 2024 2023 Amounts talllng du• wlthln on• ymr; Trade debtors Other debtors Prepaym8nts and accruad lftcome 2,624 1.433 S5,235 19,040 $6,668 23.664 2024 2023 Amounts falllng du• •ft•r more than ono year. Other debtors Total d•bt•rs 96,668 63.6e4 18 Crgdltors: amounts falllnB duo withln one year 2024 2023 other taxatlon and social s8curlty Defgrrgd Income Trad8 crediiors other creditors Accruals 482 35,666 18.196 19 90.041 21,238 4,134 14.706 17.821 76.774 130,119 -23-
YOUNG FARMERS. CLUBS OF ULSTER, THE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 D•forr•d Income 2024 DAERA Educatlon Authorlty Rets Lita Foundation Power Nl other deferred InLx)mg 48.125 12,51K) 27,666 1,250 500 11,750 22,666 1,260 35,666 90,041 20 Rollr•mont b•nofit •chemo8 2024 2023 D•fln•d contrlbutlon schemes CharyJa to profit or108s In respect of deflned conlrfbullon schemes 19.689 The Assoclatlon operate8 8 deflned contrlbullon p8nslon 8cheme for 811 qu8llfylng emplt)yee8. The a8sets of the Scheme are hdd 88parately from those of the Assoclatlon In an IrKlependenlty admlnl818red fund. -24-
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YOUNG FARMERS. CLUBS OF ULSTER, THE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 22 Restricted funds Thé restricted funds of the charity comprlse the unexpended balances of donation$ and grants held on Irust sublecl to spe¢iffic conditions by donors as lo how they rnay be used. Incoming r¢•ourG•8 Resource8 •xpended Transfers Galns and At 31 August losses 2024 S•ptembèr 2023 Club8 gnd County Commlttees EA Reglonal Strateglc Fund DAE The Award Schem8 4.807,444 1.264,313 (992,337) (249.554) (1.517.414> 3.312,452 2.959 146,250 58,125 (171,968) <112,471) 22.759 54,346 1,582 (1,562) 4,810,403 1,470.250 (1,278,338) (172,449) (1,517.414) 3,312.452 Prevlous year: At1 Septamber 2022 Incomlng r•sOU0& R•sourceB •xp8nded Tran•fern Gains and At 31 August lo•s•s 2023 Club8 and County Commlttees EA Réglonal Strategic Fund DAERA The Award Schèmé DAERA Land Mobillty 4,581,532 1,254,492 (892.309) (139.419) 3.148 4.807,444 16,796 26,813 150,000 91,042 (163,837) {122,585) 2,959 4,730 2,056 {2.056) 40,OXi {73.974) 33,974 4,625,141 1,537,590 (1,254,761) 1100,7151 3,148 4,810.403 Fund transfer8 relate to the payment of mèmb8rshlp subscriptlons by clubs on behalf of Ihelr membgrs lo the organlsation's head office and other transacllons between the dubs and the head office. Additional transfer5 cover any overspend in the DAERA and EA funds. -26-
YOUNG FARMERS. CLUBS OF ULSTER. THE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 23 Unrestricted funds The unreslrlcled fund5 of the charSty comprfse the unexpended balances of donatlons and grants vthlch are not suble¢t10 3peclflc condllions by donor9 and grantors as to how they may be used. These indude desonated funds which have been 8et aslde out of unrestrlcted funds by the trustees for speclfic purposes. At1 Incomlno Re80urces 8aptember rnsource• •xpended 2023 Transfers Galns and At 31 August los 2024 General fvnds 455.219 178.441 (288.670) 308.646 1,355 654,991 Pr•vlou• year: At1 September 2022 Incomlng r•sourc•• Rosour¢o• •xp•nded nsfers Galn• and At 31 AugUBI loss•• 2023 G8n8r81 funds 436,927 178.666 (259.922) 100,715 11.167) 455,219 24 AnalyBls of n•t a880ts bolween fund8 Unrestrlcted funds 2024 Re•trlctod Endowment funds funds 2024 Total At 31 August 2024: Tangible as88ts Investmants Currant 8S88t81(Ilabllltle8) 1,215,677 301,728 1,795,046 1,215,677 742,741 2,199,629 250,408 404.583 190,605 654,991 3,312,451 190,605 4,158,047 Unrnstrl¢t•d funds 2023 Restrld¢d EndoTMnont fvnds fund• 2023 2D23 Total 2023 At 31 August 2023: T8ngitAe assets Investments Current assetsl{liabllltle8) 4.485 249.058 201.678 2.813.731 270.051 1.726.621 2,818.216 838,644 1,928,299 319.537 455.219 4.810.403 319,537 5,585.159 25 Events after tha rgportlng date There have been no slgnificanl gvents after the reportlng period. -27-
YOUNG FARMERS. CLUBS OF ULSTER. THE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 26 Related party transactions There were no disdosable rèlated party tran8actlon8 during the yaar (2023- none). 27 Analy918 of change8 In n•t funds The As80datlon had no material debt durlng the year. 28 Ca•h g•n•ratsd from oyratlo 2024 2023 (DefidtysufPUS for the year 121,980 193,621 Adjustments for. Investment Incomg rgcogn188d In statement of financlal advities Falr value (g8ln8) and loss85 on Inve8tm8nts D8preclatlon and Impalrment of tangSble flxod asseis (58.583) (40,297) 57,316 (14.491) Movements in worklng copItsI: Decrea88 in Stocks (Increase) In debtors Increa8el(decrease) in credltors (D8crea8e) In deferred In)rne 2,415 (33,004) 1,030 (54,375) 134 (8.287) (11,860) (6,499) Cagh (ab•0 byVgon•ratad from op•r•tlons (3,518) 219.408